Treasury Department places sanctions on Iran

Treasury Department places sanctions on Iran

The Department of the Treasury [official website] placed sanctions [treasury sanction fact sheet] on 25 individuals and companies [press release] connected to Iran’s ballistic missile program and those providing support to Iran’s Islamic Revolutionary Guard Corps’ Qods Force on Friday. The sanctions came after President Donald Trump’s administration warned Iran that the test launch of a ballistic missile was not to be tolerated.

The situation surrounding Iran’s development and testing of nuclear technology has been a matter of national concern and has elicited multiple sanctions over the years. A bill renewing US sanctions against Iran for another 10 years became law [JURIST report] last December. In response to renewal of the Iran Sanctions Act, Iranian President Hassan Rouhani has accused the US of breaching the nuclear agreement and has ordered the head of Iran’s Atomic Energy Organisation to plan the development of nuclear-powered ships. The US House had approved the extension of sanctions last November [JURIST report]. The International Atomic Energy Agency (IAEA) reported as recently as last September that Iran had successfully maintained a stockpile of “heavy water” below the threshold. In July 2015 the US entered into a nuclear agreement with Iran where the county agreed not to create a nuclear bomb in exchange for the lifting of economic sanctions. The agreement was reached [JURIST report] after 20 months of negotiations. Iran has repeatedly claimed [JURIST report] that it has a right to nuclear technology and that its aims are peaceful.